Bespoke Living has secured a $160.4 million condo inventory loan from Madison Realty Capital for its 170-unit development at 300 West 122nd Street, the companies announced in a press release. The 13-story project is 80% complete with more than half of the units sold.
Dig Deeper: The new upsized loan refinances $138 million in acquisition & construction debt provided by Madison in March 2019.
Flashback: Bespoke paid roughly $69 million for the 211,893-SF site. Dubbed 300 West, the Harlem development includes a 23,819-SF ground-floor retail component that’s fully pre-leased to a grocery store. It also features 57 parking spaces, 68 storage units and four cabana units.
Heard on the Street: Bespoke’s Rachel Medalie: “While other lenders ran from their commitments during COVID-19, Josh Zegen and the Madison team funded us every month, even at the bleakest moments, and showed tremendous flexibility with special requests such as overseas supplies.”